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Filing of Balance Sheet and Profit and Loss Account inXBRL

As such, now following class of companies are required to file their Balance Sheet and Profit and Loss Account inXBRL Format:-

Listed Companies and their subsidiaries; Companies having paid up capital of Rs. 5 Crores and above; Companies having turnover of Rs. 100 Crores and above.

However, banking, insurance, power Companies and NBFCs are exempt for XBRL Filing.

Time Limit

All companies, whose Balance Sheets are adopted in the Annual General Meeting held before 30.09.2011 arepermitted to file upto 30.09.2011 without any additional filing fee. However, where companies hold the AnnualGeneral Meeting in the month of September 2011, they will file the Balance Sheet within 30 days from the date oadoption in the General Meeting as per section 220 of the Companies Act, 1956.

. Creation of XBRL instance document:

A. Map companys each financial statement element to a corresponding element in published taxonomy

Companies have the option to create their own XBRL documents in house or to engage a third party to convert theirinancial statements into XBRL form.

The first step in creation of an instance document is to do tagging of the XBRL taxonomy elements with the variousaccounting heads in the books of accounts of the company. This would create the mapping of the taxonomy elementswith the accounting heads so that the accounting information can be converted into XBRL form.

B. Create instance document for Balance sheet and Profit and loss Account-

Once the tagging of financial statement elements with the published taxonomy elements is done, the next step is toreate the instance document. An instance document is a XML file that contains business reporting information andepresents a collection of financial facts and report-specific information using tags from the XBRL taxonomy.

Separate instance documents need to be created for the following:

1. Stand Alone Balance sheet of the company2. Stand Alone Profit and Loss Account of the company

3. Consolidated Balance sheet of the company4. Consolidated Profit and Loss Account of the company

The instance document should contain the financial information for both the current as well as the previous financialyear.

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Consolidated balance sheet and Profit and Loss instance documents to be created only in case the same is applicableo the company.

2 Download XBRL validation tool from MCA portal

There shall be a tool provided at the MCA portal for validating the generated XBRL instance document. Validatinghe instance document is a pre requisite before filing the balance sheet and profit & loss account on MCA portal. You

are required to download the tool from the MCA website and validate the instance document before uploading. There

hall also be a facility to view and search the taxonomy.

3 Use the tool to validate the instance document

Once the tool has been downloaded, the next step is to validate the instance document.The following validations shallbe performed by the tool-

Validating that the instance document is as per the latest and correct version of taxonomy prescribed by MCA All mandatory elements have been entered Other validations as per taxonomy

4- Perform pre-scrutiny of the validated instance document through the tool

Once the instance document is successfully validated from the tool, the next step is to pre-scrutinise the validatednstance document with the help of the same tool. For pre-scrutinizing the instance document, a working internetonnection shall be required. In the Pre-scrutiny, the server side validations (i.e. validations which are to be validatedrom the MCA21 system) shall be performed.

Also, there shall be a feature provided in the tool to verify the appearance of the generated XBRL instance documentusing the built in Viewer. It is imperative that the company should use this feature to verify the accuracy of the

nstance document.

5- Attach instance document to the Form 23AC and Form 23ACA

There shall be a separate set of Form 23AC and Form 23ACA available on the MCA portal for filing in XBRL form.First fill up the Form 23AC and Form 23ACA. Thereafter, attach the validated and pre-scrutinised instance documentor Balance sheet to Form 23AC. Similarly, the instance document for Profit and Loss account is to be attached to

Form 23ACA. Separate instance documents need to be attached with respect to Standalone financial statements andonsolidated financial statements.

6- Submitting the Form 23ACA and Form 23ACA on the MCA portal

After the forms are filled, you are required to perform pre-scrutiny of the form, sign the form and then upload theame as per the normal eForm filing process. It shall be validated that the attached instance documents are validated

and pre-scrutinised from the XBRL validation tool.

Viewing of balance sheet and profit and loss submitted in XBRL form on MCA portal: The XBRL instancedocuments submitted along with Form 23AC and 23ACA are in machine readable format. Therefore, for viewing theame in a human readable format, these shall be converted into human readable format by the MCA21 system. For

viewing the same on MCA21 portal and for taking certified copies of the same, these converted documents shall bemade available.

Ministry has created a separate website for XBRL. The link is as under:-


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http://xbrl.icai.org

ote:- MCA website is likely to have options for XBRL reporting by 15th of July. Specific notification will bemade to enable stakeholders for early filing.

Source : www.mca.gov.in -


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